Terra Firma Asks For New EMI Trial

The private equity firm lost a case two years ago alleging that it was duped by Citigroup into buying the music company

By

Dow Jones Newswires

October 5, 2012 2:47 p.m. GMT

Terra Firma asked a US appeals court yesterday to order a new trial in its lawsuit over its claims that it was deceived by Citigroup into bidding for British music company EMI, which it lost control of last year.

The private equity firm and its founder, Guy Hands, alleged they were duped by Citigroup and its head of U.K. investment banking, David Wormsley, into believing a rival, Cerberus Capital Management, would make a competing bid for EMI in 2007.